Forex trading requires careful preparation and discipline.
Here's a step-by-step guide:
—Explore, how the foreign exchange market works (Forex): what currency pairs are, how prices are formed, what spread, margin and leverage are.
—Поймите key economic indicators, that affect exchange rates (e.g. interest rates, GDP, inflation).
—Choose a reliable Forex broker, licensed by regulatory authorities (for example, CySEC, FCA, ASIC).
Pay attention to:
—Amount of spreads and commissions.
—Access to trading platforms (MetaTrader 4/5, cTrader).
—Leverage level.
—Terms of deposit/withdrawal.
—Open a demo account to practice without the risk of losing real money.
—Explore the platform: how to open/close trades, set stop loss and take profit.
—Determine your trading style: scalping, day trading, swing trading or long-term investing.
—Establish rules for entering and exiting trades.
—Learn how to manage risk: Do not risk more than 1-2% of capital per trade.
—Start with a small amount of capital, to get used to the emotional aspect of trading.
—Gradually increase trading volumes as you gain experience.
—Study Technical analysis (charts, indicators, candlestick patterns) and fundamental analysis.
—Keep an eye on economic calendar and news affecting the market.
—Read books and participate in webinars to improve your skills.
—Avoid trading on emotion.
—Keep a trader's journal to analyze your trades and improve the strategy.
